Thank you for providing the Afterpay example. That and other...

Thank you for providing the Afterpay example. That and other anecdotal evidence shows that a revenue multiple of about 40 times is the ceiling as far as valuing a growth company in its early stages is concerned. I personally think after viewing the investor deck outline that they’ve probably taken the 2020 revenue of $46.7m and applied a more conservative revenue multiple of 25, giving a valuation of about $1.1B. Alternatively, based on the 2020 EBIT of $9.5m being around 20% of revenue, and given revenue is projected to be $167m for 2021, that’s an earnings estimate of about $33m for 2021. At a future earnings (P/E) multiple of 35, that also gives about a $1.1B valuation.